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Mar 25 Mr. Yur-Karte closed the shop today, after taking home a check for $2,690 for his own personal use. T Mar 22 We sold merchandise on account to three new clients: A. Ashe, protective eye googles sold for $2.900. The cost of the merchandise was $1,160 M. Hingis, tennis skirts sold for $750. The cost of the merchandise was $300 A Gibson, hats and visors sold for $2,800. The cost of the merchandise was $1,120 Mar 23 Received check from R. Federer in payment of their balance due from the Mar 13 invoice Mar 24 Mar 25 Mar 26 Mar 27 Mar 28 Mar 28 Mar 29 Issued a credit memorandum to A. Ashe for the return of some merchandise from his Mar 22 purchase, 5650. The merchandise was in good condition. The cost of the returns was in the same proportion as the original sale Mr. Yur-Karte closed the shop today, after taking home a check for $2,690 for his own personal use. Returned for cash some merchandise previously purchased from Game Set Match on account, $900 (Hint: In recording this entry, we do not receive payment in full, because we took advantage of the cash discount when we originally paid for the goods.) Our delivery truck needed repairs. We had it fixed at Four Wheels Drive, where we paid the bill with cash, $299 Returned for credit, office supplies purchased from Ad-Out Corporation on Mar 4,598. Recorded cash sales for the week 52.340. The cost of merchandise was $936. Recorded the semi-monthly payroll as follows: Salary Expense $700 Federal Income Tax Payable 586 FICA Tax Payable State Income Tax Payable Medical Insurance Payable Salaries Payable 542 Recorded employers payroll taxes as follows: Payroll Tax Expense $97 FICA Tax Payable 554 FUI Tax Payable 5 SUI Tax Payable 38 Issued check to our employee, A. Roddick, 5542 Issued check in the amount of $242 to Cracker's Safe Bank in payment of taxes as follows: FICA Tax Payable $122 Federal Income Tax Payable $120 54 12 6 Mar 29 Mar 30 Mar 31 T Mar 14 Recorded the semi-monthly payroll for our only employee, A Roddick, as follows trecord this entry and the next one, as is, in the general journal Salary Expense 5800 Federal Income Tax Payable $120 FICA Tax Payable 61 State Income Tax Payable 22 Medical Insurance Payable 7 Salaries Payable 50 Recorded employers payroll taxes as follows: Payroll Tax Expense 5110 FICA Tax Payable $61 FUI Tax Payable SUI Tax Payable 43 Mar 14 Mar 14 Mar 15 Mar 15 Mar 16 Mar 16 Recorded cash sales for the week, 58.240. The cost of the merchandise was $3,2 Issued check to our employee, A. Roddick, $590 Issued a credit memorandum to V. Williams for the return of some merchandise, S400 The merchandise was in good condition. The cost of the returns was in the same proportion as the original sale. Received a check from A. Agassi on account in payment of his Mar invoice Received the following checks from customers on account: Big Hitters - in payment of their Mar 8 invoice V. Williams - in payment of their Mar invoice Purchased some merchandise inventory for resale from each of the following suppliers on account . Mar 17 . Mar 18 Babolat 54,150 Wilson Penn $7,200 Paid Bells & Bulbs the amount due from the Mar 10 purchase. Paid the amount due to Game Set Match from the Mar 12 purchase. Mr. Yur Karte, the owner, took home office supplies for his own personal use. $135. This should be recorded as a dividend. Mar 19 Mar 20 Mar 21 Recorded cash sales for the week, $7,380. The cost of the merchandise was $2,952 5 Mar 5 Sold some merchandise on account to the following new customers: . V. Williams, not to be out-done by her sister, also purchased new racquets for $1,800. The cost of the merchandise was $720. A. Agassi, new tennis shoes sold for $1,250. The cost of the merchandise was $500 R. Nadal, one case of sweat bands, assorted colors, sold for $1,650. The cost of the merchandise was $660. . Mar 6 Received a check on account from S. Graf in payment of her Mar 1 invoice (Reminder, all sales on account are made with terms 2/10,n/30. It will be up to you to determine whether or not payment is made within the discount period.) Recorded cash sales for the week, 55,130. The cost of the related merchandise sold was $2,052 Mar 7 Mar 8 Issued a partial refund to M. Navratilova for damaged merchandise, $1,400. (M. Navratilova keeps the damaged merchandise inventory.) Mar 8 Sold some merchandise on account to the following businesses: . . Big Hitters, $4,200. The cost of the merchandise was $1,680 Open Strings, $6,800. The cost of the merchandise was $2,720 Purchased delivery vehicle (Delivery Equipment with useful life of five years) with cash from Petrol People Movers, $18,000 Mar 9 Mar 10 Due to a power surge, all the bulbs in our store had to be replaced. Purchased store supplies from Bells & Bulbs, on account, $650, terms, n/30. Mar 10 Paid balance due to Barty and Co. for purchase made on March 1. Mar 12 Purchased some inventory on account from Game Set Match, $4,250, terms 2/10, n/30. Mar 12 Received payment from S. Williams on account. Mar 12 Sold some store supplies (at our cost) to the pharmacy next door. They paid us with a check for $125 May 13 Mar 13 Received credit memorandum from Game Set Match for damaged merchandise, $300 cont of goof all expense) Sold merchandise on account to R. Federer, $3,200. The cost of the merchandise was $1,280 Joanes / Entry Aby Cheffe AEDILRC suchoude meting for A T Required: Journalize the following transactions for March. Entries should be posted daily/immediately. Due to the order of posting, it is possible that an account with a normal debit balance may temporarily have a credit balance (and vice versa). Do not worry - at the end of the month, after all the posting has been completed, everything will work out properly. Transactions: Mar 1 Philip Yur-Karte contributes the following to start the business Cash, $20,000; Merchandise Inventory (he has saved certain items up over the years), $34,000. Mr. Yur- Karte is the only stockholder and is issued 5,400 shares of $10 par common stock. Mar 1 Borrowed $25,000 from Ace Bank, on a one year, 12% note, with interest to be paid at maturity Mar 1 Mar 1 Mar 1 Mar 1 Purchased an old oak desk (Office Furniture) from Top Spin Furniture Company, $7,200, cash. The useful life is five years. Paid first and last month's rent, $4,000 total (this amount covers two months' rent), to Sampras Rent Co. (Note: only half of the amount should be expensed at this time. In this way, no adjusting entry will be required at the end of the month.) Purchased some Australian inventory on account from Barty and Co., $5,200, terms 2/10, N/30 As we open the doors, three customers walk in, all ready to spend money, and they do. We sell each of them merchandise on account: S. Williams, new racquets sold for $2,600. The cost of the merchandise was $1,040, M. Navratilova, two cases of tennis balls sold for $3,200. The cost of the merchandise was $1,280 S. Graf, ball machine sold for $1,500. The cost of the merchandise was $600. Paid for three months of insurance in advance, $4,200 to Drop Shot Insurance Company. Debit the entire amount to one account. Purchased store equipment (useful life is two years) on account from Net Play Company, $6,000, N/30 . . Mar 2 Mar 3 Mar 4 Purchased office supplies on account from Ad-Out Corporation, $820, N/30

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